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EDC Minutes p Approved September 17, 2004 Not Page 3 not be in a TIF district. Parcels should remain in the districts if the increments back up obligations (e.g. developer payments)or there is the potential for redevelopment. Johnson asked if this item was completed. Backman replied affirmatively. Belting mentioned that there are residents that are concerned about the City taking residential property. Backman explained that some residents are confusing the TIF district changes with the Home Improvement Program. The latter is a voluntary program designed to assist homeowners. It provides residents with another potential buyer(the City). 6. EDC BUSINESS A. Title Commitment Research & Legal Opinion, Wetland Delineation, Phase I Environmental Analysis, Commercial Appraisal,Alternative Urban Areawide Review(AUAR),Boundary Survey, Buyout of Outdoor Signs,Water&Sewer Extension Report, and Other Activities for the Bridges Golf Course Redevelopment Project (CRESA Partners working with Undisclosed Client): Activities surrounding the potential redevelopment of the Bridges Golf Course have been intense over the past month and a half. Old Republic and Kennedy&Graven were involved in title work that was authorized by the Mounds View EDA on July 26. Schedule A of the Title research describes conditions and easements that govern the parcels. Schedule B includes copies of the original documents. Backman distributed copies of a map of the area and a title legal opinion of the golf course prepared by Scott Riggs,the City's Attorney. The legal opinion was presented to the M.V. EDA on September 13th. There were four action items in the opinion for the EDA to consider: 1)Survey all property encompassing the Bridges;2) Initiate steps to remove the public purpose/right of reverter deed restriction from the former MnDOT property and determine if legislative action is feasible; 3)Negotiate with SYSCO, if needed,as to the release of the former SYSCO deed restriction; and 4) Determine how to proceed with the billboard leases. The Golf Course has approximately$4.1 million of debt associated with it (tax-exempt bonds issued for construction and interfund loans to cover operating deficits). The City has previously authorized outdoor signs as a means of generating income to pay off the debt. Redeveloping the Bridges would create more jobs and tax base. Backman has had discussions with the Governor's Office regarding the reverter clause issue. They do not see it has a huge problem. SEH completed the wetland delineation report this week. A Phase I Environmental Assessment through CRA is also underway (being paid for by CRESA). On September 13, 2004 the M.V. EDA authorized a commercial appraisal of the Bridges. Orion Appraisals is on target to complete this on September 28th. Also authorized was an Alternative Urban Areawide Review (AUAR). This assessment process will cost at least $55,000 and will take four or more months to complete. Backman explained the need for such an assessment process and what they entail. He showed samples of such documents to the members. Field asked about the source of funding for the AUAR. Backman responded that it would come from TIF dollars. Belting inquired as to whether the information that is being gathered can be used for other development options if CRESA's project does not move forward. Backman replied that all of the information is useful for other development opportunities. He added that City staff has met with CRESA several times and sees them as viewing the Mounds View site very seriously. The End User remains undisclosed at this time. B. Other—BioLife Plasma Services,a new business in Mounds View, has an Open House planned for October 4, 2004. The public is invited.